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In the 2018 Brand Finance Spirits 50 report, Moutai grew by 73%, followed by Wuliangye baijiu, which was also the fastest-growing spirit on the list. The brand grew 161% year-on-year to US$14.6 billion.

Yanghe baijiu overtook Johnnie Walker blended Scotch whisky for third place, up 82% to US$7.8bn. In fourth place, Diageo-owned Johnnie Walker was the only brand to decline in the top 10, falling by 6% to US$4.3bn.

Chinese brands Luzhou Laojiao and Gujing Gong Jiu also took top spots at fifth and ninth place, respectively.

With an aggregate value of US$49.9bn, Chinese spirits accounted for 54% of the total brand value on the list.